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Many Consumers Utilizing the Services of Reverseloanadviser.com

 

Cliffside Park, NJ -- (SBWIRE) -- 04/05/2013 -- In this current economy more and more older consumers are utilizing the Reverse Mortgage services of Reverseloanadviser.com. With the current interest rates and economic challenges many seniors are turning to reverse mortgage lenders. As widely reported the standard note rate for a reverse loan is now less than 4%, this has caused many consumers to utilize this option. As the world and the world economy change and as prices rise and rise there is a greater need for revise loan services and companies like Reverse Loan Advisor than ever before.  There is a lot of information on reverse mortgage interest rates and other important information that Reverse Loan Advisors works closely with its clients on.

There are Pros and Cons to a reverse mortgage. Some of the advantages of a reverse mortgage include: that it allows the homeowner to stay in the home, Can pay off existing mortgages and debt on the current home. Simple qualification requirements, no minimum credit score and generally no income requirements. Other benefits like No monthly mortgage payments are due in most cases if home owner maintains requirements, The homeowner receives options on how to receive the cash payments. A reverse loan also keeps the family legacy intact, heirs inherit the home and keep any remaining equity after the balance of the reverse mortgage is paid off. Another benefit is that Loan proceeds are not taxable.

It is also very important to understand the cons and challenges of a reverse mortgage loan. Some of these include: The reverse loan balance gets larger over time and the value of the estate/inheritance may decrease over time, and the fact is that The program is not well understood by most individuals. It is also important to understand costs of a reverse loan. The fees on a reverse mortgage are the same as a traditional FHA mortgage but are higher than a conventional mortgage because of the insurance cost; some of the costs are the Mortgage insurance, and the loan origination fees.  As many consumers consider these important financial decision company’s like Reverse Loan Advisors are being used by more and more consumers.

For More Information visit: Reverseloanadviser.com

Steve Sayetta
President, reverseloanadviser.com
(888) 363-1414
http://reverseloanadviser.com/